The President has proposed to extend tax cuts that benefit the middle class and allow the tax cuts that benefit just the top 2 percent of Americans to expire. Allowing the tax cuts for the wealthiest Americans to expire will reduce future deficits by roughly $1 trillion over the decade ahead. Overall, this is a reasonable plan. It includes a balance of short-term spending cuts and long-term reforms, so that we do not just push all the tough choices into the future. It is achievable. And it is better than the alternatives. In fact, in a joint op-ed published yesterday, all four co-chairs of the Bowles-Simpson and Rivlin-Domenici bipartisan commissions endorsed a comprehensive approach that includes cuts to national security, entitlements, and discretionary spending, reform of the tax code that limits tax expenditures to increase revenues, and a strong enforcement mechanism—an approach consistent with the President’s framework I have just outlined.